Hunting for a location, getting certified, purchasing products and opening your front doors is only the beginning of your adventure in being a gym owner. The next steps involve actively running a successful business. But how do you do that? We’re glad you asked us, because we have some tips on how to run a successful gym that is sure to keep your small business thriving in the fitness industry.
Create a Budget
This is one of the earliest steps you should take in your gym-owning journey. You need to create a realistic budget and stick with it. Someone wise once said, “If you fail to plan, you plan to fail”, and that goes double for budgeting. One of the big differences between a thriving gym and a struggling one is how they manage their money.
Putting your goals down on paper is helpful, and money-management expert Dave Ramsey agrees. He believes that every time you're writing down your budget, you're setting yourself up for long term success and taking away stress. That's because you know exactly what you're working with and every dollar is given a task.
In business, there are going to be many expenses. Figure out your gym's income for the month, what your fixed expenses are and then get to work on the variables; See what can be added or taken away. After rent, utilities and payroll are complete, you want to have money left over to funnel back into the business as well as into savings, in case of emergencies.
It's no secret your gym's main source of income comes from memberships. This is why staying on top of engagement and member retention is vital in the fitness industry.
People join the gym for many reasons like they want to improve their physical ability, endurance, and overall health. But, they end up staying for a completely different one. It's the relationships they build and the feelings of camaraderie and belonging that keep them coming back for years.
As the owner of a small business, you have the ability to be a part of your community in a big way. Spend time with your members, learn their names and stories, jump into classes and outings with them. At the end of the day, it's these interactions that build community and increase client retention rates.
Work Smarter, Not Harder
When you have a lot going on–and you certainly do as a business owner who is opening a gym–you will want to work smarter, not harder. Fortunately, technology has come a long way. Businesses are able to tackle many action items with the help of social media, digital marketing, and scheduling software. Social media and digital marketing efforts are important for curating content and getting the word out there and software management is important for managing things back at your home base.
While scheduling software doesn’t do all the work for you, it does take a huge weight off of your shoulders. It streamlines specific tasks including member management, class scheduling, and notifications. Our mission here at Pike13 is to help you spend more time doing the things you love and interacting with your members. You’ll be able to do that because you won't be preoccupied with as much administrative work and that makes us happy.
These are just three ways to help you in running a successful business. If you have any more tried and true tips you’d like to share with us, we always love to hear your feedback.